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Frequently asked questions on Home Insurance

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Home is the most valuable possession you own. You have worked hard, collected money and built your dream apartment. You know the risks to your house and have decided to avail a Householder’s package policy. This policy protects the structure of your house, as well as the contents of your house. Duty to your house done? Think Again. Ask these questions before you avail home insurance.

My apartment is on the Fifth Floor of the building. Does my home insurance premium increase?

In the case of your apartment, the home insurance plan calculates the premium, by multiplying the carpet area (area within the walls of your apartment), with the cost of construction in the city your apartment is located. Whether you reside on the 5th floor or the 1st floor, does not matter. The cost of construction remains the same. Your apartment might be in a housing society. The housing society avails a common home insurance cover for all the apartments in the building. This is a basic fire and allied perils home insurance. The basic home insurance availed by your housing society, does not cover the contents of your house. You need to avail a separate home content insurance, to cover for the loss/damages to the contents of your home.

You and your friends stay together in your apartment. Can you avail home content insurance for the contents of your house?

The apartment is yours and you can avail home insurance for protection against damage to the structure of the apartment. You can also avail home content insurance, for the contents of the apartment which belong to you. Your friends can avail separate home content insurance for their contents. However the Insurer can deny you coverage for the contents of your apartment, if it is difficult to segregate your contents from your friend’s contents.

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